Here’s how to save £5000 in 2023, according to money-saving expert

Here’s how to save £5000 in 2023, according to money-saving expert

With the new year beginning and the expensive festive season completed, most people will be looking into their finances in a bid to save money.

Whether it’s towards a deposit for a car, a renovation at home or a holiday, saving is no easy feat. Savings expert reveals their top tips on how you can save up to £5000 in 2023.

Lucinda O’Brien, savings expert at money.co.uk, comments on how to save £5000 in one year:

“As much as we may try to put it to the back of our minds, money is something that can be a major source of stress, especially in the current economic climate. However, sticking to a budget in order to consistently save money could be a lot easier than you think.

“When building yourself a savings plan, the first thing to consider is what this money will be going towards. If it is for a first-time house deposit or retirement, then opening a Lifetime ISA is a good option to consider. This is because if your goal is to have £5000 put away each year, you actually only need to save £4000 of your own money. The government will add a 25% tax-free bonus, meaning savings of £4000 will automatically be topped up by an extra £1000 each year. This is ideal if you’re wanting to save £5000 exactly as the maximum you can deposit into a Lifetime ISA is £4000 a year.

“Be aware though that money from a Lifetime ISA can only be withdrawn if you are buying your first house or if you are over the age of 60. If you want to withdraw the money for other reasons, the government will take 25% of the money you withdraw and it could cost you more than the government added in the first place.

“The 50-30-20 saving method can also be useful. This method involves allocating 50% of your monthly salary to needs (housing, food, bills), 30% to wants (gifts, dinners out, socialising), and 20% to your savings. If you were to take home £2,090 a month and use this method, you would save £5,016 by the end of the year. It is best to put this 20% away as soon as you receive your monthly paycheck, as you will then have less temptation to dip into it. A regular savings account would be a good option for this type of saving method as there are high interest rates. For example, the Yorkshire Building Society Regular saver allows you to deposit up to £500 a month, and offers a 5% variable interest rate. However, only open regular savings accounts if you are confident that you can stick to similar-sized monthly payments.

Lucinda has also provided extra money-saving tips that can help contribute to a savings goal of £5000 a year:

Participate in the envelope challenge
This method involves writing the numbers 1 to 100 inside 100 different envelopes and each week 2 random envelopes are picked. You then have to put away the amount written on the inside of each; for example, if you picked 20 and 7, you would save £27 that week. If you stay consistent, before the end of the year you would save £5050.
Get cash savvy
If you have a rough idea of your weekly spending, withdraw this amount of cash at the beginning of each week and leave your debit card at home. It would also be wise to deactivate Apple or Google Pay if this is something you regularly use. This way, you will avoid making unnecessary purchases, and any money you have leftover in the bank at the end of the month can be deposited into a savings account. Another benefit of spending with cash is that you can easily tuck away any notes or coins that you are given in change at the end of a shop for savings. At the end of the year, release the cash from your pot and add it back into your savings account.
Read your receipts
An alternative way to save little and often is to keep your supermarket receipts and make a note of your “savings”, usually printed at the bottom of the receipt. These small multibuys or reduced item savings may only be a few pounds at the time, but if you hold yourself accountable and actually deposit these savings into an account every time you shop, the numbers will eventually add up.
Open up about your goals
Telling your friends or family about your saving intentions will hold yourself accountable. You could ask them to check in on your progress every month, encouraging you to keep up to date with your payments. Similarly, simply having an open conversation with loved ones about your financial situation means that they can be supportive when you might need it most.
Kick the bad habits
If you’re looking to start your savings journey in the new year, why not combine this with your new year’s resolutions for added incentive? For example, if you wanted to quit smoking or swearing, every time you find yourself giving in, deposit just £1 (or more) into a jar or easy-access savings account. That way you’ll have something to show for if you fall off the wagon.
Try a no-spend weekend
Try a ‘no spend weekend’ once every other month, which could include games nights, free museums, a hike or an at-home spa day. You could also try using up any leftover food from the week to keep your weekend completely spend-free! You could also spend your weekend starting the 1p challenge, involving saving 1p on day one, 2p on day two, and so forth till day 365. By the end of the year, you could make over £650!
Switch up to discounted items
When doing your weekly shop, visit the reduced section first to see if any items can be crossed off your list. Similarly, when shopping for fruit and veg, look out for the ‘wonky’ products. These are typically foods that might not be as aesthetically pleasing, however, they taste just the same and are sold at a lower price point than ‘normal’ fruit and veg.

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Typically thought of as being an easy to clean area of the home, hard floors have risen in popularity in recent decades. Globally, hard floors are the most common floor type,2 and research released today by Dyson has uncovered poor cleaning habits that mean hard floors are likely to be harbouring an array of hidden nasties. This comes as 32% of Brits – equating to 21.6 million people in the UK – will use the same dirty mop head for six months or more before replacing it. What’s more, one in 20 also admit to keeping the same mop for a year or longer, and one in 10 think it is acceptable to use the same mop 100 times, spreading dirt around their floors every time they use it. Cross contamination is a primary issue for most common and traditional mopping methods with germs and bacteria further being unknowingly spread around homes as Brits use dirty water to clean floors.3 45% only change the water to new water between rooms, whereas 41% wait even longer until it looks dirty. This could mean that floors are being washed with dirty water, adding more dirt rather than taking it away. Surprisingly, almost one in 10 (9%) even admit to not changing the dirty water at all when mopping. Over a quarter (28%) admit to mopping their floors once a fortnight or less while over half (53%) admit they don’t regularly clean behind appliances and leave dirt to build up for as long as six months at a time. image002.jpg On how to achieve a perfect barefoot clean feel after mopping, Geli Lee, Dyson Engineer and Home Cleaning Expert offers their top tips for eliminating dirt around the home: 1. Create a cleaning schedule to stay on top of dirt build-up. In the last year, there has been a 15% global reduction in the number of people who maintain regular cleaning schedules. 47% of the British public admitted to only being motivated to clean when they spot visible dirt or dust.4 Regular floor cleaning with a wet hard floor cleaner like the Dyson WashG1™ removes more stubborn dirt than vacuuming alone. It is important to have a debris free surface, clear any clutter from the floor or other surfaces. Choose the right machine: Different vacuums are designed for different floor types and home sizes. Some machines will be engineered with hard floors in mind and will struggle on thick pile carpets, for example. Choosing the right machine for your home will make a big difference to the ease and speed with which you’re able to clean your home. Clean your floors ‘little and often’. Washing your floors frequently in areas that receive more foot fall will help to stop dirt building up and getting trodden into your floor. Using a dedicated wet floor cleaner on hard flooring such as the Dyson WashG1 is helpful for this, as the versatile format means it vacuums and washes the floor simultaneously. Cleaning schedules have also become less regimented. In recent years only 41% of people claim to have a regular cleaning schedule, and 60% admit to cleaning reactively; being motivated to clean only when there is visible dirt or dust5. It’s perhaps not surprising, that a fifth of people are still concerned their floors are dirty after they’ve mopped them (22%) and one in four6 feel extremely worried about indoor dust at home. Geli Lee, Dyson Engineer and Home Cleaning Expert reveals why it is important to change the way we mop: “Cleaning your hard floors properly and regularly is important for maintaining a healthy environment around your home. Without a proper cleaning routine, dirt may unknowingly build up and spread around your home. It is evident from our research that current mopping habits mean British households aren’t cleaning their floors as effectively as they should. “From ignoring problem areas where dust and debris build up, cross contamination with dirty water to not replacing mop heads or inconsistent cleaning, current mopping behaviours may be making floors dirtier as opposed to cleaner. Moving away from traditional methods, wet floor cleaners like the Dyson WashG1 simplify the floor cleaning experience and provide a modern efficient and hygienic solution” To help take the guesswork out of mopping, the brand new WashG1 is Dyson’s first dedicated wet floor cleaner that tackles wet and dry debris in one go. Engineered for hygienic cleaning and maintenance, the WashG1 is revolutionising wet floor cleaning, removing the need for multi-products and multi-steps to achieve a barefoot clean feel around the home. To put the product to the test, Dyson have cleaned one of London’s most iconic landmarks The Victoria and Albert Museum. From cleaning the grand marble floors housing the most prestigious exhibits, to cleaning up leftover food in the Gamble Room Cafe, the WashG1 had a dirt busting tour of the museum leaving it spotless. Images can be found here. The WashG1 introduces Dyson’s engineering expertise to cleaning hard floors. With a 1 litre clean-water tank to cover flooring up to 290m2, the Dyson WashG1 uses a combination of hydration, absorption, and extraction technologies to remove wet and dry spills and stains simultaneously. The Dyson WashG1 is available to purchase now from Dyson.co.uk, retailing at £599.99.

Typically thought of as being an easy to clean area of the home, hard floors have risen in popularity in recent decades. Globally, hard floors are the most common floor type,2 and research released today by Dyson has uncovered poor cleaning habits that mean hard floors are likely to be harbouring an array of hidden nasties. This comes as 32% of Brits – equating to 21.6 million people in the UK – will use the same dirty mop head for six months or more before replacing it. What’s more, one in 20 also admit to keeping the same mop for a year or longer, and one in 10 think it is acceptable to use the same mop 100 times, spreading dirt around their floors every time they use it. Cross contamination is a primary issue for most common and traditional mopping methods with germs and bacteria further being unknowingly spread around homes as Brits use dirty water to clean floors.3 45% only change the water to new water between rooms, whereas 41% wait even longer until it looks dirty. This could mean that floors are being washed with dirty water, adding more dirt rather than taking it away. Surprisingly, almost one in 10 (9%) even admit to not changing the dirty water at all when mopping. Over a quarter (28%) admit to mopping their floors once a fortnight or less while over half (53%) admit they don’t regularly clean behind appliances and leave dirt to build up for as long as six months at a time. image002.jpg On how to achieve a perfect barefoot clean feel after mopping, Geli Lee, Dyson Engineer and Home Cleaning Expert offers their top tips for eliminating dirt around the home: 1. Create a cleaning schedule to stay on top of dirt build-up. In the last year, there has been a 15% global reduction in the number of people who maintain regular cleaning schedules. 47% of the British public admitted to only being motivated to clean when they spot visible dirt or dust.4 Regular floor cleaning with a wet hard floor cleaner like the Dyson WashG1™ removes more stubborn dirt than vacuuming alone. It is important to have a debris free surface, clear any clutter from the floor or other surfaces. Choose the right machine: Different vacuums are designed for different floor types and home sizes. Some machines will be engineered with hard floors in mind and will struggle on thick pile carpets, for example. Choosing the right machine for your home will make a big difference to the ease and speed with which you’re able to clean your home. Clean your floors ‘little and often’. Washing your floors frequently in areas that receive more foot fall will help to stop dirt building up and getting trodden into your floor. Using a dedicated wet floor cleaner on hard flooring such as the Dyson WashG1 is helpful for this, as the versatile format means it vacuums and washes the floor simultaneously. Cleaning schedules have also become less regimented. In recent years only 41% of people claim to have a regular cleaning schedule, and 60% admit to cleaning reactively; being motivated to clean only when there is visible dirt or dust5. It’s perhaps not surprising, that a fifth of people are still concerned their floors are dirty after they’ve mopped them (22%) and one in four6 feel extremely worried about indoor dust at home. Geli Lee, Dyson Engineer and Home Cleaning Expert reveals why it is important to change the way we mop: “Cleaning your hard floors properly and regularly is important for maintaining a healthy environment around your home. Without a proper cleaning routine, dirt may unknowingly build up and spread around your home. It is evident from our research that current mopping habits mean British households aren’t cleaning their floors as effectively as they should. “From ignoring problem areas where dust and debris build up, cross contamination with dirty water to not replacing mop heads or inconsistent cleaning, current mopping behaviours may be making floors dirtier as opposed to cleaner. Moving away from traditional methods, wet floor cleaners like the Dyson WashG1 simplify the floor cleaning experience and provide a modern efficient and hygienic solution” To help take the guesswork out of mopping, the brand new WashG1 is Dyson’s first dedicated wet floor cleaner that tackles wet and dry debris in one go. Engineered for hygienic cleaning and maintenance, the WashG1 is revolutionising wet floor cleaning, removing the need for multi-products and multi-steps to achieve a barefoot clean feel around the home. To put the product to the test, Dyson have cleaned one of London’s most iconic landmarks The Victoria and Albert Museum. From cleaning the grand marble floors housing the most prestigious exhibits, to cleaning up leftover food in the Gamble Room Cafe, the WashG1 had a dirt busting tour of the museum leaving it spotless. Images can be found here. The WashG1 introduces Dyson’s engineering expertise to cleaning hard floors. With a 1 litre clean-water tank to cover flooring up to 290m2, the Dyson WashG1 uses a combination of hydration, absorption, and extraction technologies to remove wet and dry spills and stains simultaneously. The Dyson WashG1 is available to purchase now from Dyson.co.uk, retailing at £599.99.

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